Uzbekistan Economy - 2023

GEOGRAPHICAL NAMES 

Economic overview

lower middle-income Central Asian economy; CIS Free Trade Area member but no intention of EAEU membership; key natural gas, cotton, and gold exporter; landlocked and environmentally fragile; positive growth through COVID-19, but poverty increasing

Real GDP (purchasing power parity)

$270.062 billion (2021 est.)

$251.408 billion (2020 est.)

$246.753 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

7.42% (2021 est.)

1.89% (2020 est.)

5.71% (2019 est.)

Real GDP per capita

$7,700 (2021 est.)

$7,300 (2020 est.)

$7,300 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$57.789 billion (2019 est.)

Inflation rate (consumer prices)

10.85% (2021 est.)

12.87% (2020 est.)

14.53% (2019 est.)

note: official data; based on independent analysis of consumer prices, inflation reached 22% in 2012

Credit ratings

Fitch rating: BB- (2018)

Moody's rating: B1 (2019)

Standard & Poors rating: BB- (2018)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 17.9% (2017 est.)

industry: 33.7% (2017 est.)

services: 48.5% (2017 est.)

GDP - composition, by end use

household consumption: 59.5% (2017 est.)

government consumption: 16.3% (2017 est.)

investment in fixed capital: 25.3% (2017 est.)

investment in inventories: 3% (2017 est.)

exports of goods and services: 19% (2017 est.)

imports of goods and services: -20% (2017 est.)

Agricultural products

milk, wheat, potatoes, carrots/turnips, cotton, tomatoes, vegetables, grapes, onions, watermelons

Industries

textiles, food processing, machine building, metallurgy, mining, hydrocarbon extraction, chemicals

Industrial production growth rate

8.37% (2021 est.)

Labor force

14.094 million (2021 est.)

Labor force - by occupation

agriculture: 25.9%

industry: 13.2%

services: 60.9% (2012 est.)

Unemployment rate

7.16% (2021 est.)

7.04% (2020 est.)

5.85% (2019 est.)

note: official data; another 20% are underemployed

Youth unemployment rate (ages 15-24)

total: 16%

male: 15.8%

female: 16.2% (2021 est.)

Population below poverty line

14.1% (2013 est.)

Gini Index coefficient - distribution of family income

36.8 (2003 est.)

Average household expenditures

on food: 30.2% of household expenditures (2018 est.)

on alcohol and tobacco: 2.5% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 2.8%

highest 10%: 29.6% (2003)

Budget

revenues: $16.197 billion (2019 est.)

expenditures: $16.346 billion (2019 est.)

Budget surplus (+) or deficit (-)

0.3% (of GDP) (2017 est.)

Public debt

24.3% of GDP (2017 est.)

10.5% of GDP (2016 est.)

Taxes and other revenues

14.87% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

-$4.825 billion (2021 est.)

-$3.007 billion (2020 est.)

-$3.366 billion (2019 est.)

Exports

$16.399 billion (2021 est.) note: data are in current year dollars

$14.532 billion (2020 est.) note: data are in current year dollars

$16.993 billion (2019 est.) note: data are in current year dollars

Exports - partners

Switzerland 19%, United Kingdom 17%, Russia 15%, China 14%, Kazakhstan 9%, Turkey 8%, Kyrgyzstan 5% (2019)

Exports - commodities

gold, natural gas, cotton fibers, copper, ethylene polymers (2019)

Imports

$27.774 billion (2021 est.) note: data are in current year dollars

$22.56 billion (2020 est.) note: data are in current year dollars

$26.551 billion (2019 est.) note: data are in current year dollars

Imports - partners

China 23%, Russia 18%, South Korea 11%, Kazakhstan 9%, Turkey 6%, Germany 5% (2019)

Imports - commodities

cars and vehicle parts, packaged medicines, refined petroleum, aircraft, construction vehicles (2019)

Reserves of foreign exchange and gold

$35.375 billion (31 December 2021 est.)

$34.903 billion (31 December 2020 est.)

$29.291 billion (31 December 2019 est.)

Debt - external

$16.9 billion (31 December 2017 est.)

$16.76 billion (31 December 2016 est.)

Exchange rates

Uzbekistani soum (UZS) per US dollar -

10,609.464 (2021 est.)

10,054.261 (2020 est.)

8,836.788 (2019 est.)

8,069.606 (2018 est.)

5,113.879 (2017 est.)

NOTE: The information regarding Uzbekistan on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Uzbekistan 2023 information contained here. All suggestions for corrections of any errors about Uzbekistan 2023 should be addressed to the CIA or the source cited on each page.